Law firms were already on the path to a new digital future. But while some firms were moving slowly into the world of automated processes and digital revenue streams, the COVID-19 crisis has forced many more practices to rapidly deploy digital tools to support a remote workforce.
While the pandemic has caused the disruption, it’s also been an opportunity for previously reluctant firms to start discovering the benefits of new digital workflows. Whether your firm is just dipping its toes into the digital pool or it’s grown its technology footprint over the last year, the pandemic has made something abundantly clear to law firms: now is the time to digitalize.
To show the full benefits of developing your digital strategy, Deltek, provider of Maconomy solution for Law industry, recently created a white paper outlining the top seven reasons to embrace the new digital era of law. But for those short on time, this blog will show you three ways digital transformation can help you get happier fee earners, happier clients, and a happier balance sheet.
#1 Get more revenue, with fewer costs
New digital solutions and strategies can help firms work in smarter ways that save valuable resources and improve decision-making at all levels of the business.
The right digital tools can help finance teams and firm leaders forecast with confidence to make smarter, more informed decisions. For instance, real-time insights into utilization and billable hours can help business leaders quickly see which matters are most profitable and where fees need to be raised to effectively recover time.
Replacing previously manual, paper-based processes with digital alternatives can also help reduce costs and save valuable resources. With research showing printing costs can account for 3% of a firm’s total revenue, even something as simple as cutting down on the use of paper in your firm can have a significant effect on the balance sheet.
#2 Gain and retain top talent
Firms today aren’t just competing for clients, they’re also fighting over top talent. But it isn’t just a case of hiring right, there’s also pressure to continue meeting employee expectations so you can keep your best and brightest. However, the next generation of employees is more mobile than ever, with 8% of millennials reportedly switching jobs in the last year.
There’s no doubt that potential hires will be attracted to firms offering flexible, powerful solutions compared to those using slower, legacy technologies. The right back office HR systems can also be a strong differentiator, offering the insights firms need to make smarter recruitment and talent management decisions.
#3 Pursue new clients with new services
Law firms have previously relied on their reputations to win them new business. But as the industry evolves, so does the competition – along with the methods firms must use to stand out in the market.
Again, new technologies can help on two fronts. First, digitalizing and integrating client information with practice management or ERP solution can help firms uncover and react to client trends. At the same time, AI, machine learning, and self-serve platforms can create brand new services that help forward-thinking firms stand out in a crowded market.
There are many more benefits to be had with the right approach
The right digital tools and techniques can help firms transform their client and employee satisfaction, along with their financial results. But this is just the start of what law firms can achieve. You can read about the many other benefits, and the smartest ways to achieve them in our white paper: The New Era of Law: Why Now Is The Time To Digitalize Your Law Firm.